The Commonwealth of Dominica (not to be confused with the Dominican Republic) is located in the Eastern Caribbean offers attractive offshore formation opportunities for potential foreign individuals and companies. Dominica currently offers a broad range of offshore services, the most popular product being the International Business Company (IBC), also known as an offshore company or a non-resident company.
The International Business Companies (IBC) Act passed in 1996 offers progressive legislation with a flexible structure and formation process. Since then, Dominica has experienced rapid growth in the offshore sector due to its liberal legislation, quick incorporation procedures and low government formation fees. The Dominica IBC offers individuals fully tax exempt status, with zero obligations on financial reporting and low fixed annual fees for licensing.
As an offshore jurisdiction, Dominica is quickly becoming one of the world leaders in offshore business services as well as Dominica's second passport opportunities.
For more information on the Advantages of Dominica as an Offshore Financial Center, click here.
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There are a number of advantages given to individuals and companies who choose to incorporate in Dominica, including:
Dominica’s offshore jurisdiction enables companies and individuals to take advantage of numerous other benefits including:
Due to Dominica’s progressive IBC legislation, incorporation procedures are both easy and flexible, making an IBC a useful tool for many different business activities.
The formation of an IBC can be made for any legal purpose and for any legal activity, except for the banking and insurance sectors. An IBC can be used for any commercial enterprise, including but not limited to:
In order to carry out certain activities, proper licensing is required for:
Dominica IBC | Corporate Details |
General | |
Type of Entity | IBC |
Type of Law | Common |
Governed by | International Business Companies (IBC) Act 1996 Companies Act 1994 Offshore Banking Act 1996 |
Registered Office in Dominica | Yes |
Shelf company availability | Yes |
Our time to establish a new company | 1-2 Days |
Minimum government fees (excluding taxation) | $405 |
Corporate Taxation | Exempt for 20 years |
Access to Double Taxation Treaties | No |
Share capital or equivalent | |
Standard currency | US Dollar |
Permitted currencies | Any |
Minimum paid up | $100 |
Usual authorized | No Limit |
Bearer shares allowed | Yes |
No par value shares allowed | Yes |
Directors | |
Minimum number | One |
Local required | No |
Publicly accessible records | No |
Location of meetings | Anywhere |
Corporate directorship allowed | Yes |
Shareholders | |
Minimum number | One |
Publicly accessible records | No |
Corporate shareholder allowed | Yes |
Location of meetings | Anywhere |
Company Secretary | |
Required | No |
Local or qualified | Not required |
Accounts | |
Requirements to prepare | Yes |
Audit requirements | No |
Requirements to file accounts | No |
Publicly accessible accounts | No |
Recurring Government Costs | |
Minimum Annual Tax | $405 |
Annual Return Filing Fee | Nil |
Other | |
Requirement to file annual return | No |
Migration of domicile permitted | Yes |
Safeguard Your Assets With the Strongest Multi Jurisdictional Asset Protection Structure in the World
There are very few requirements in order to set up a Dominica IBC:
In order to set up a Dominica company, a few documents will be needed:
Individuals and companies interested in establishing a Dominica offshore IBC benefit from a number of tax incentives including:
The IBC Act makes it an offence for anyone to reveal any information regarding a Dominica corporation, except under criminal investigations through a court order. The affairs of any offshore IBC can only be looked into when its principal is found guilty of a crime in his/her country of residence and only if that offence is deemed criminal in the offshore jurisdiction had the same act been committed there.
Double Taxation Treaties have been signed with:
Switzerland, Antigua and Barbuda, Barbados, Belize, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, Australia, Belgium, Canada, Denmark, Faroe Islands, Finland, Greenland, Iceland, Netherlands, New Zealand, Norway, Portugal, Sweden, UK, and USA.
There are no foreign exchange controls and the US dollar is allowed to circulate freely throughout the economy.
Dominica’s legal system is based upon British Common Law.
International Business Companies (IBC) Act 1996
Companies Act 1994
International Exempt Trust Act 1997
Offshore Banking Act 1996
An IBC is restricted from conducting business in Dominica as well as any activities that include real estate banking, trust, or in insurance sector unless the appropriate license is granted.
Make and maintain deposits in Dominica
Engage professional services in Dominica
Hold shares, debt obligations or other securities in a company owned by a resident, locally registered company or one incorporated through the Local Companies Act.
An IBC is given all rights, powers and privileges of an individual.
Restricted names are any that suggest the patronage of the Royal Family, the government, political party, university, professional association, or any names that may considered to be objectionable or that have already been taken.
Any language or alphabet, but if not in English a translation is required.
An IBC name must indicate Limited Liability, ex. Ltd, Corp.
Copies of Articles of Association, Memorandum of Association, and Certificate of Incorporation, must be kept at the Registers office, though the register is not available to the public.
Shares may be issued: with or without par value, can be issued as registered or in a bearer form, can be issued for consideration other than money and without par value.
1-2 working days
Businesses register a company in Dominica because international corporate structures provide asset protection and tax reduction possibilities that are found only in non-resident legal structures. Dominica offers both a safe and stable jurisdiction with a favorable tax regime for non-resident companies giving companies a business-friendly corporate environment.
The government and regulatory bodies seek to attract regional and international businesses by providing business-friendly policies to attract investors and entrepreneurs into the country.
Dominica company registration costs vary, which is why we do not include them on our website. Prices depend on the legal and corporate services required, as well as secretary, auditing and signatory services which are often needed (though not always) if you are incorporating a non-resident company.
Registration and incorporation fees for 1st-year companies vary anywhere from 1000-5000USD with 2nd-year fees ranging anywhere from 500-2000USD. However, even these figures are not always the case, as all of this depends on the services required, so beware of any service provider that states their fees exactly, as you will be disappointed in seeing that number change. Get in touch for a price quote.
Opening a business bank account is definitely possible and is one of the main reasons why businesses open a foreign corporation in the first place. However, it often can be the most challenging part of any offshore incorporation process because of the requirements and documents needed in order to satisfy Anti Money Laundering (AML) and Know Your Customer (KYC) laws.
That being said, some jurisdictions are harder than others and we will assist you through the entire process.
Yes, we can! Offshore Protection has been establishing companies around the world for nearly three decades. We have engaged in client legal and corporate services, including opening companies, offshore trusts, getting financial licenses, and accounts in dozens of countries around the world. Get in touch to find out more.
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Start the Dominica Incorporation process with Offshore-Protection today. Order a Dominica IBC with or without a bank account.